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"In 1985 Sheikh Ahmed bin Saeed al-Maktoum, a Denver University graduate, was selected to start up Dubai’s Emirates Airline with $10m of government seed money.

“You rule by listening,” Sheikh Mohammed bin Rashid al-Maktoum, now Dubai’s ruler, is said to have told his (younger) uncle. By all accounts Sheikh Ahmed did just that.

He learnt the rudiments of the airline industry from western expatriates – notably Tim Clark, the Emirates president – and the two of them have turned the carrier into the most disruptive force in global aviation. It has the world’s largest fleet of long-range passenger jets."

"Sharjah sold a 10-year US$750 million sukuk today, the first capital market debt sale for the emirate. It attracted orders from investors 10 times greater than what was on offer, amid strong demand by international investors for bonds from the economically buoyant UAE.

The sukuk, which matures in 2024, has a profit rate of 3.764 per cent and attracted orders of $7.85 billion, the government said. The emirate is issuing the sukuk with an ijara structure and it will be listed on Nasdaq Dubai and the Irish stock exchange.

Sharjah, which has a population of about 1 million, boasts a $22bn economy and is keen to bolster its manufacturing base and to attract more tourists. Demand for bonds from the UAE has increased in recent years as Dubai recovers from its debt crisis, and because the country’s peg to the dollar makes it stand out in emerging markets where most currencies have been volatile over the past year."

"The beleaguered Saudi conglomerate Ahmad Hamad Al Gosaibi & Brothers (Ahab) has announced the establishment of a steering committee for the negotiation of its $5.9bn debt restructuring.

The committee, announced by Ahab on Tuesday, consists of representatives of five institutions, including players from the GCC and beyond, “to facilitate discussions and negotiations … relating to the settlement process”.

The establishment of a steering committee is regarded as a significant step by Ahab because a previous attempt to deal with creditors collapsed when a consensus failed to emerge after a 2010 meeting in Dubai."

"Saudi Oil Minister Ali Al Naimi on Thursday played down the drop in oil prices saying this is not the first time crude prices slumped.

“Prices of oil always go up and down so I really don’t know why the big fuss about it this time,” Al Naimi told reporters ahead of a regular meeting for oil ministers of the Gulf Cooperation Council (GCC) states in Kuwait City.

The Saudi minister, whose country pumps over 9.5 million barrels per day, said any measures the Organisation of Petroleum Exporting Countries (Opec) needs to take regarding the price slump “should be discussed when Opec meets” in November."

"Dubai Aluminium (Dubal) has held talks with banks about raising a loan to help fund its general operations, the first time the firm has commissioned such a facility in years, three banking sources told Reuters on Thursday.

While it is a rarity for the company to raise money not tied to a specific project, a loan would be the latest example of a Dubai state-backed entity tapping banks to take advantage of low borrowing rates and the emirate’s resurgent economy.

Talks are at a preliminary stage to sound out banks about what Dubal could raise in the loan market, the sources said on condition of anonymity because the information is not public."

"The Market Vectors Russia ETF (RSX) fell, extending the worst performance among the biggest emerging-market exchanged-traded funds as the U.S. and the European Union imposed new sanctions on the country over the Ukraine war.

The ETF slid 2.5 percent to $24.44 in New York yesterday. It has fallen 8.8 percent in the past two months, the most among emerging-market ETFs with assets of $1 billion or more, data compiled by Bloomberg show. OAO Rosneft, the state-run oil producer that has been targeted by international sanctions, led a 2.4 percent drop in the Bloomberg Russia-US Equity Index.

Stocks sank as the U.S. joined the EU in stiffening sanctions against Russia including measures aimed at the financial, energy and defense industries. The 28 European governments also agreed to curbs on assistance for oil exploration and production. New measures taking effect today are the latest in a series of international sanctions intended to punish President Vladimir Putin for allegedly supporting a rebellion in eastern Ukraine, a claim he denies."